KPC wants greater portfolio in Pakistan

By Staff Reporter
Thursday – May 23, 2019
ISLAMABAD: Kuwait Petroleum Corporation (KPC) chief executive officer (CEO) Shaikh Nawaf Saud Al-Sabah, along with his delegation, called on prime minister (PM) Imran Khan, on Wednesday, whereat Al-Sabah expressed his keen interest in further expanding business activities in the country.

According to an official statement, Punjab energy minister Akhtar Malik briefed the meeting about various initiatives being taken by the Punjab government in petroleum sector.

Al-Sabah briefed PM Khan about KPC’s business ventures in Pakistan since 1980s in the area of exploration.

Khan welcomed Al-Sabah, and his delegation, to Pakistan and assured incumbent regime’s continued support to the company in their smooth business operations.

He highlighted various steps that the incumbent regime has taken for improving the ease of doing business and for the facilitation of foreign investment.

PM Khan observed that exploration remained a neglected area in the past, however, he added that in order to capitalise the existing potential of the sector, the government is working on a “new petroleum policy” offering incentives to foreign exploration and production (E-P) companies and removing impediments in way to ensure smooth and profitable business ventures.

Khan appreciated KPC’s contribution towards imparting training to the local manpower in E-P sector.

The energy minister Omar Ayub Khan, Punjab energy minister Akhtar Malik, petroleum secretary Mian Asad Hayauddin and senior officers were present during the meeting.

According to KPC, Pakistan remains one of the longstanding clients. In 1976, the government of Pakistan signed a long-term product supply contract with Kuwait national petroleum company (KNPC).

In order to assist the government in servicing the contract (supply, scheduling, and load handling) a liaison office was established in Karachi.

In 1984, the KPC took direct control of the office.

The office handles mainly technical work such as co-ordinating the schedules of vessels, handling cargo, allocation, distribution, and payment procedures.

The liaison office is charged with maintaining business relation with the senior officials concerned in the local marketing companies, refineries and port authorities.